Liquidity Events
Inox Clean Energy to acquire solar power producer Athena Renewables at Rs.2,500-Cr valuation
Economic Times Athena Renewables
Mumbai-based privately held Inox Clean Energy is nearing a deal to acquire also Mumbai-headquartered Athena Renewables from the UK-based fund Actis for an enterprise value of INR 2,500 crore. The transaction is set to conclude following an in-principle agreement between the two parties. K otak Mahindra Capital was appointed to manage the transaction after Actis decided to divest the asset.Established in 2020, Athena Renewables operates solar power projects in India with a combined capacity of more than 554 MW, including a 336-MW plant at Rewa Ultra Mega Solar Park in Madhya Pradesh and three 72-MW plants at Ananthapuramu Ultra Mega Solar Park in Andhra Pradesh. Actis acquired Athena in 2020 as a wholly owned solar platform.Post the acquisition of Athena Renewables, the total operational renewable energy generation capacity of Inox is expected to reach nearly 5 GW, with a construction pipeline estimated to be twice that size.
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